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Q1 Results Reflect Planned Improvements at Health Net

The first quarter of 2009 proved a very encouraging start for Health Net, Inc. who reported a net income of $22 million, or $0.21 per diluted share, compared with a loss of $35.7 million, for the same quarter last year. Health Net’s total revenues increased 2.5 percent in the first quarter of 2009 to $3.9 billion from $3.8 billion in the first quarter of 2008. “We are very pleased with our performance in 2009,” said Jay Gellert, president and chief executive officer of Health Net, Inc. “Our results reflect planned improvements in our commercial and Medicare operations in addition to our ongoing focus on reducing administrative expenses.” The first quarter results puts the company on track to reach its guidance of $1.85 to $2.10 per diluted share, Gellert said. “I believe our strong first quarter results demonstrate substantial operating progress and indicate we are definitely headed in the right direction,” said health Net’s Chief Operating Officer Jim Woys. Andrea Alegria

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